China’s Easpring in jv to build Finland’s first lithium-ion battery plant

Finland’s first cathode active material (CAM) plant is being developed by Easpring Finland New Materials Oy. It will supply materials for lithium-ion batteries used in electric vehicles and energy storage.

The project is a joint investment between Beijing Easpring Material Technology, which holds a 70% stake, and Finnish Minerals Group, which owns 30%.

The total investment is valued at approximately EUR800 million. The Finnish government will support the project by capitalising Finnish Minerals Group with EUR100 million.

The plant’s first-stage production capacity is set at 60,000 tonnes/year of cathode active material, with potential for future expansion. When fully operational, it could supply battery materials for around 750,000 electric vehicles/year.

During peak construction, the site will employ up to 800 workers. Once operational, it is expected to provide around 270 permanent jobs.

Easpring Finland CEO Jashon Guan highlighted the significance of the project for European battery production. “This investment marks a major milestone for Easpring as we establish localised production in Europe to serve the local market from Kotka,” he said.

Finnish Minerals Group CEO Matti Hietanen described the plant as a key development for Finland’s battery value chain. “Even on a European scale, this is a spearhead project for the industry,” he said.

The plant received its environmental permit in December 2024 under a priority procedure for green transition projects. In January 2025, a lease agreement was signed for 27.8 ha of land in the Keltakallio industrial area.

The goal is to start commercial production in 2027.